Feb 19 (Reuters) – Investment needs to focus on the lowest-cost, lowest-carbon oil and gas resources, UAE Industry Minister Sultan al-Jaber said at the Munich Security Conference, the state news agency WAM reported on Saturday.
“For our collective security, the world will need to continue using all energy options for a long time,” he was quoted as saying. “As such, it is critical to ensure investment flows to the lowest-cost, lowest-carbon oil and gas resources.”
“We should acknowledge that the energy transition is exactly that: a transition, and transitions take time,” said al-Jaber, who is also the Abu Dhabi National Oil Company (ADNOC) chief executive officer and UAE special envoy for climate.
The Gulf state last year announced a plan for net-zero emissions by 2050 and would oversee 600 billion dirhams ($163.36 billion) investment in renewable energy. read more
The country, a major oil producer, has in the past 15 years invested $40 billion in clean energy, the government said.
Abu Dhabi’s Barakah nuclear power plant has been connected to the national grid and the UAE aims to produce 14 GW of clean energy by 2030, up from about 100 MW in 2015, it said.
($1 = 3.6729 UAE dirham)
Reporting by Moataz Mohamed; Editing by Alison Williams and Jane Merriman